County Housing Market Jumps In 2012

Richard Benedetto

Monday, February 18th, 2013 at 10:51am. 213 Views, 0 Comments.

February 17, 2013

A rise in confidence is one way to explain why there are more houses for sale in Chautauqua County.

According to the New York State Association of Realtors, 1,170 houses were for sale in the county at the end of 2012. That was a 46.6 percent increase when compared to 2011. The increase represents the largest of any county in the state. Delaware County at a 27.2 percent rise followed Chautauqua County.

Jan Murray, Chautauqua County Board of Realtors executive officer, said the increase in the number of houses for sale shows that people in the county are confident the house will get bought.

"People are getting more confidence…

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Chautauqua Lake Real Estate Report. January 1st to January 31st 2013

Richard Benedetto

Tuesday, January 29th, 2013 at 8:50pm. 117 Views, 0 Comments.

Chautauqua Lake Real Estate Report. January 1st to January 31st 2013 2 Closed sales reported Average list price $ 287,450.00 Average closing price $259,000.00 Average Square Footage 1,301 Average cost per square foot. $ 199.00 Average Days on Market  119  Pending  and Pending Show Sales reported 1 Pending sale Average list price $125,000.00 Average Square Footage 1,285 Average  cost per square foot. $98.00 Average Days on Market 7 15 New Lake Listing Reported  Average List Price  $484,540 Average Square Footage 3,243 Average Asking Price Per Square Foot $180.00 Average Days on Market 14 Source: Chautauqua County Board of Realtors Should you have any questions or would like to view any…

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Housing Market Continues to Show Signs of Improvement

Richard Benedetto

Monday, January 14th, 2013 at 2:00pm. 140 Views, 0 Comments.

Obama: Housing "Clearly Turning a Corner"

The housing market has shown signs of “bottoming out nationally and clearly turning a corner,” according to the Obama Administration’s December Housing Scorecard.

Home values are inching up while home sales remain strong. Some home price indexes are showing values up 5.6 percent and 4.3 percent from year ago levels, according to the Scorecard.

“As the December housing scorecard indicates, our housing market is continuing to show important signs of recovery,” says Michael Berman, a HUD senior adviser.

Home inventories are falling, reaching a 4.8-month supply in December compared to November’s 5.3-month supply.…

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Good News for the Economy - Home Sales on the Rise

Richard Benedetto

Friday, December 21st, 2012 at 11:04am. 184 Views, 0 Comments.

WASHINGTON (MarketWatch) — Sales of existing homes climbed in November to the highest rate in three years, posting gains in all four regions, a trade group said Thursday.

Existing home sales rose 5.9% in November to a seasonally adjusted annual rate of 5.04 million, reaching the highest rate since November 2009, the National Association of Realtors reported Thursday.

“Momentum continues to build in the housing market from growing jobs and a bursting out of household formation,” said Lawrence Yun, NAR’s chief economist, in a statement.

Economists polled by MarketWatch had expected a rate of 4.9 million for November. The rate in October was revised down to 4.76 million from a prior estimate of 4.79 million. See economic…

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Wal-Mart mortgages could fuel the next Real Estate bubble

Richard Benedetto

Wednesday, December 5th, 2012 at 2:45pm. 180 Views, 0 Comments.

DENVER (MarketWatch) —Too bad Wal-Mart doesn’t offer mortgages.

If you insist on getting a mortgage from a big-box retailer, you have to go to Costco COST +0.86% , which began offering them last April in a partnership with a New Jersey community bank, First Choice Bank.

Nevertheless, one out of three people would consider taking out a mortgage at Wal-Mart WMT -0.42%  , according to a…

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Fed Renews Vow to Keep Rates Low

Richard Benedetto

Friday, November 9th, 2012 at 10:29am. 189 Views, 0 Comments.

Fed Renews Vow to Keep Rates Low

The Federal Reserve acknowledged Wednesday that segments of the economy are looking up, particularly housing and household spending. However, the Fed said it will continue to press forward with its stimulus campaign — which includes a move that is lowering mortgage rates — until the economy shows more growth. 

At its latest meeting, the Fed renewed its vow to keep rates near zero until mid-2015. It will also continue to buy $40 billion in mortgage-backed debt each month, a program known as “QE3,” which has helped to push mortgage rates into record-low territory in recent weeks. 

"The committee remains concerned that, without sufficient…

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Real Estate Advantage Associate Broker, Roberta Thompson To Be Honored

Richard Benedetto

Friday, October 26th, 2012 at 9:14am. 116 Views, 0 Comments.

Camp Onyahsa Plans Annual Dinner Dance

October 26, 2012

YMCA Camp Onyahsa will host its 11th annual dinner dance fundraiser on Saturday, Nov. 20.

The event will feature dinner, an auction and live music in honor of the YMCA's recipient of the Lifetime for service award. The event begins at 6 p.m. with hors d'oeuvres and a cocktail hour in the camp's restored 1938 Darrah Hultquist Dining Hall, located on the shore of Chautauqua Lake in Dewittville.

The event will celebrate the camp's mission and its goal to foster excellence in youth development through quality camp experiences. It will also honor Roberta Thompson as recipient of the YMCA's 2012 Paul B. Sullivan Lifetime Service Award. The…

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Good News - Rates on 30-year fixed mortgage near record low

Richard Benedetto

Friday, October 19th, 2012 at 2:08pm. 110 Views, 0 Comments.

STORY HIGHLIGHTS

• Rate on a 30-year fixed now 3.37%
• 15-year fixed mortgage at 2.66% -- a record low
• Cheaper mortgages helping fuel modest but steady housing recovery

2:29PM EDT October 18. 2012 - WASHINGTON (AP) — The average U.S. rate on a 30-year fixed mortgage has fallen to near its record low set earlier this month.

The rate on the most popular mortgage dipped to 3.37% from 3.39% last week, mortgage buyer Freddie Mac said Thursday. Two weeks ago, the rate reached 3.36%, its lowest level on records dating to 1971.

The average rate on the 15-year fixed mortgage, often used for refinancing, set a record low of 2.66%, down from last week's 2.7%.

Cheaper mortgages are helping fuel a…

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NEED TO KNOW INFO ABOUT THE NEW 3.8% TAX

Richard Benedetto

Friday, October 12th, 2012 at 11:37am. 113 Views, 0 Comments.

When you add up all of your income from every possible source, and that total is less than $200,000 ($250,000 on a joint tax return), You will NOT be subject to this tax.

The 3.8% tax will NEVER be collected as a transfer tax on Real Estate of any type, so you’ll Never pay this tax at the time that you purchase a home or other investment property.

You’ll NEVER pay this tax at settlement when you sell your home or investment property. Any capital gain you realize at settlement is just one of the component of that years gross income.

If you sell your principal residence, you will still receive the full benefit of the $250,000 (single tax return) / $500,000 (married filing joint tax return) exclusion of…

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Chautauqua Lake Real Estate Market update. First quarter of 2011

Richard Benedetto

Sunday, April 17th, 2011 at 5:45pm. 524 Views, 1 Comments.

Chautauqua Lake Real Estate Market update.   Data is only considering single family Lake Front homes based on Chautauqua County multiple listing systems (MLS).  

Comparing the first quarter of 2010 ending March 31st to the first quarter of 2011 Chautauqua Lake Front home sales have soared.

January 1st to March 31st 2010, based on the Chautauqua County MLS systems recorded 9 closed transactions.

In 2011 from January 1st to March 31st the Chautauqua County MLS system recorded 16 transactions. This accounts for a 56 percent JUMP in closed listings for the first quarter of the year in 2011 compared to the first quarter of 2010. 

Compared below is the average closed price, (days on market) DOM.

2010

 …

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